The G7 major economies Friday hailed the contribution of “many countries,” including China, in the fight against the global economic crisis and pledged to work toward increasing their clout in international financial institutions.
“Many countries are now playing a major role in the global economy and we welcome their contribution to the collective international effort to promote recovery,” Group of Seven finance officials said in a statement following a meeting in Washington.
“We welcome China’s continued commitment to move to a more flexible exchange rate, which should lead to continued appreciation of the renminbi in effective terms and help promote more balanced growth in China and in the world economy,” the G7 finance ministers and central bank governors said.
The G7 added that they “will work with our international partners to modernize the governance of the international financial institutions in order to enhance their relevance, effectiveness, and legitimacy.”
The People’s Bank of China cut the renminbi’s peg to the dollar in 2005 and since then has allowed it to appreciate steadily, but under close control.
In recent months, the Chinese government appears to have decided the currency had gone up enough against the dollar as the global crisis saps its key export market.
Source: G8 Research Group University of toronto
Showing posts with label G7. Show all posts
Showing posts with label G7. Show all posts
Friday, April 24, 2009
Tuesday, June 3, 2003
G8 Update on HIV in Africa
Global health crises call for close international co-operation on policies and methods. We reaffirm our commitment to achieving the development goals set out in the Millennium Summit and at the World Summit on Sustainable Development.
We will work in partnership with developing countries, the private sector, multilateral organisations and non-governmental organisations (NGOs) to help achieve these health goals. Multilateral and bilateral Official Development Aid as well as private efforts from companies and NGOs should match and complement existing efforts to improve health outcomes.
We express our continued concern at the increase in the global HIV/AIDS pandemic. We welcome the increased bilateral commitments for HIV/AIDS, whilst recognising that significant additional funds are required. We commit, with recipient countries, to fulfil our shared obligations as contained in the Declaration of Commitment on HIV/AIDS for the 2001 United Nations General Assembly Special Session.
Source: G8 Summit, Evian, 3 June 2003
We will work in partnership with developing countries, the private sector, multilateral organisations and non-governmental organisations (NGOs) to help achieve these health goals. Multilateral and bilateral Official Development Aid as well as private efforts from companies and NGOs should match and complement existing efforts to improve health outcomes.
We express our continued concern at the increase in the global HIV/AIDS pandemic. We welcome the increased bilateral commitments for HIV/AIDS, whilst recognising that significant additional funds are required. We commit, with recipient countries, to fulfil our shared obligations as contained in the Declaration of Commitment on HIV/AIDS for the 2001 United Nations General Assembly Special Session.
Source: G8 Summit, Evian, 3 June 2003
Sunday, July 22, 2001
The Genoa Declaration
A new partnership between Africa and the G8 countries got under way with the Genoa Declaration in 2001, with the aim of backing Africa's effort to address crucial issues for the continent's development. The impulse provided by the Italian presidency to building a strong and lasting link with the African continent was picked up and developed at every G8 Summit thereafter.
The 2001 G8 Summit highlighted the will to support a totally African development initiative (NEPAD) that put an end to the old methods of the past and paved the way for a new vision of the future. The Heads of State and Government leaders of the leading industrially advanced democracies meeting in Genoa responded with the Genoa Declaration, which basically subscribed to the priorities defined by the African representatives.
These are the salient points enshrined in the Declaration: a strategic approach to reducing poverty; debt relief, particularly through the Reinforced Initiative in favor of the heavily indebted poor countries (HIPC), which is considered a valid contribution to the struggle against poverty, but also as a means of stimulating faster growth in the very poor countries; greater participation in the global trade system for developing countries; a boost to private investment in the continent; initiatives to promote health, education and food security and safety, such as: the establishment of a global fund to combat HIV/AIDS, malaria and tuberculosis; the reliability of national health systems; food security and safety; the crucial nature of Official Development Assistance (ODA); the struggle against crime; the opportunities offered by digital technology (Task Force G8).
A decision was also reached at Genoa to formalize the post of Africa Personal Representative (APR) for the G8 countries' Heads of State and Government leaders, with each country appointing a ranking personality to the job.
The Africa personal representative's task is to liaise with the African countries on a permanent basis and, working in conjunction with the African leaders, to put together a G8 Africa Action Plan each year for submission to the following year's G8 Summit.
The representatives also recommend action to be taken in favour of Africa and they track the implementation of the Action Plan, keeping their respective heads of state and government leaders up to date on the progress being made.
Source: G8 Summit, Genoa, July 22 2001
The 2001 G8 Summit highlighted the will to support a totally African development initiative (NEPAD) that put an end to the old methods of the past and paved the way for a new vision of the future. The Heads of State and Government leaders of the leading industrially advanced democracies meeting in Genoa responded with the Genoa Declaration, which basically subscribed to the priorities defined by the African representatives.
These are the salient points enshrined in the Declaration: a strategic approach to reducing poverty; debt relief, particularly through the Reinforced Initiative in favor of the heavily indebted poor countries (HIPC), which is considered a valid contribution to the struggle against poverty, but also as a means of stimulating faster growth in the very poor countries; greater participation in the global trade system for developing countries; a boost to private investment in the continent; initiatives to promote health, education and food security and safety, such as: the establishment of a global fund to combat HIV/AIDS, malaria and tuberculosis; the reliability of national health systems; food security and safety; the crucial nature of Official Development Assistance (ODA); the struggle against crime; the opportunities offered by digital technology (Task Force G8).
A decision was also reached at Genoa to formalize the post of Africa Personal Representative (APR) for the G8 countries' Heads of State and Government leaders, with each country appointing a ranking personality to the job.
The Africa personal representative's task is to liaise with the African countries on a permanent basis and, working in conjunction with the African leaders, to put together a G8 Africa Action Plan each year for submission to the following year's G8 Summit.
The representatives also recommend action to be taken in favour of Africa and they track the implementation of the Action Plan, keeping their respective heads of state and government leaders up to date on the progress being made.
Source: G8 Summit, Genoa, July 22 2001
Friday, November 12, 1999
The G7 and China in the Management of the International Financial System
For several years, scholars, practitioners and analysts in "think tanks" have conducted an ever more vigorous debate about China's proper relationship with the G7 and now G8 club of major industrial democracies, as this forum increasingly emerges as an effective centre of global governance for the international financial system of the 21st century.
During its quarter century in operation thus far, the G7/8 system has substantially transformed its relationship with China, moving during the 1990's from its initial Tienanmen engendered focus on China as an adversary and object of collective G7 admonition to the current emphasis on China as a supportive player and potential associate of the G7/8 in managing the many economic and political challenges a rapidly globalizing, post European Cold war system have brought.
This progression has hastened recently with the responsible and helpful role China played, in its own interest, in supporting the G7's efforts to combat the Asian-turned-global financial crisis of 1997-9 and to construct a new international financial architecture more appropriate to the conditions of the twenty first century.
This new role for China has led to its inclusion in recently created forums such as the G22 and G20, with the G7 at the core, to manage and modernize the international financial system. Its approach to these bodies and the issues at the centre of their agenda, together with the assets and vulnerabilities China brings, suggest that it is time to develop options for further associating China with the G8 itself.
Source: University of Toronto G8 Information Centre
During its quarter century in operation thus far, the G7/8 system has substantially transformed its relationship with China, moving during the 1990's from its initial Tienanmen engendered focus on China as an adversary and object of collective G7 admonition to the current emphasis on China as a supportive player and potential associate of the G7/8 in managing the many economic and political challenges a rapidly globalizing, post European Cold war system have brought.
This progression has hastened recently with the responsible and helpful role China played, in its own interest, in supporting the G7's efforts to combat the Asian-turned-global financial crisis of 1997-9 and to construct a new international financial architecture more appropriate to the conditions of the twenty first century.
This new role for China has led to its inclusion in recently created forums such as the G22 and G20, with the G7 at the core, to manage and modernize the international financial system. Its approach to these bodies and the issues at the centre of their agenda, together with the assets and vulnerabilities China brings, suggest that it is time to develop options for further associating China with the G8 itself.
Source: University of Toronto G8 Information Centre
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